Kontrad LLP Filleted accounts for Companies House (small and micro)

0 false false false false false false false false false false false false false false false false No description of principal activity 2021-08-01 Sage Accounts Production Advanced 2021 - FRS102_2021 30,000 30,000 30,000 xbrli:pure xbrli:shares iso4217:GBP OC313286 2021-08-01 2022-07-31 OC313286 2022-07-31 OC313286 2021-07-31 OC313286 bus:Director3 2021-08-01 2022-07-31 OC313286 core:WithinOneYear 2022-07-31 OC313286 core:WithinOneYear 2021-07-31 OC313286 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-07-31 OC313286 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-07-31 OC313286 bus:SmallEntities 2021-08-01 2022-07-31 OC313286 bus:AuditExempt-NoAccountantsReport 2021-08-01 2022-07-31 OC313286 bus:FullAccounts 2021-08-01 2022-07-31 OC313286 bus:SmallCompaniesRegimeForAccounts 2021-08-01 2022-07-31 OC313286 bus:LimitedLiabilityPartnershipLLP 2021-08-01 2022-07-31

REGISTERED NUMBER: OC313286

Kontrad LLP

Filleted Unaudited Financial Statements

31 July 2022

Kontrad LLP

Statement of Financial Position

31 July 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Intangible assets	4		30,000		30,000

Current assets

Debtors	5	900	649
Cash at bank and in hand		48,781	29,413
		-------	-------
		49,681	30,062

Creditors: amounts falling due within one year	6	17,297		14,493
		-------		-------
Net current assets			32,384		15,569
			-------		-------
Total assets less current liabilities			62,384		45,569
			-------		-------

Represented by:

Loans and other debts due to members

Other amounts	7		62,381		45,566

Members' other interests

Members' capital classified as equity	3	3
Other reserves	–	–
	-------	-------
	62,384	45,569
	-------	-------

Total members' interests

Amounts due from members		–	(649)
Loans and other debts due to members	7	62,381	45,566
Members' other interests		3	3
		-------	-------
		62,384	44,920
		-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the income statement has not been delivered.

For the year ending 31 July 2022 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Kontrad LLP

Statement of Financial Position (continued)

31 July 2022

These financial statements were approved by the members and authorised for issue on 16 December 2022 , and are signed on their behalf by:

Mr N J Cable

Designated Member

Registered number: OC313286

Kontrad LLP

Notes to the Financial Statements

Year ended 31 July 2022

1.	General information

The LLP is registered in England and Wales. The address of the registered office is The Moorings, Dane Road Industrial Estate, Dane Road, Sale, Cheshire, M33 7BP.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified, when necessary, by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the provision of services is recognised when the amount of revenue can be measured reliably. It is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Intangible assets

The partnership owns 3 patents relating to the design and construction of concrete floors. These were revalued to their estimated economic value by the members on the 31st July 2006. The members have considered the current valuation & agree that no further revaluation is necessary.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4.	Intangible assets

	Development costs
	£
Cost
At 1 August 2021 and 31 July 2022	30,000
	-------
Amortisation
At 1 August 2021 and 31 July 2022	–
	-------
Carrying amount
At 31 July 2022	30,000
	-------
At 31 July 2021	30,000
	-------

5.	Debtors

	2022	2021
	£	£
Trade debtors	900	–
Other debtors	–	649
	----	----
	900	649
	----	----

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	1,369	801
Social security and other taxes	15,928	13,692
	-------	-------
	17,297	14,493
	-------	-------

7.	Loans and other debts due to members

	2022	2021
	£	£
Amounts owed to members in respect of profits	62,381	45,566
	-------	-------

8.	Related party transactions

The partnership was controlled by Mr N Cable. Mr Cable is also the sole-director of Manchester Urban Finance Corporation Limited and ABS Brymar Floors Limited. During the financial year, the entity traded commercially with a number of associated entities. The year's transactions can be summarised as follows: 2022 2021 £ £ Management services charged to related parties ABS Brymar Floors Ltd 240,000 240,000 Contract hire charged by related parties Manchester Urban Finance Corporation Ltd 38,102 50,925